Credit Suisse lost $5.5 billion to criminal-run hedge fund, also pleads guilty to ‘tuna bond fraud’ and convicted of cocaine money-laundering scheme – zoohousenews.com

(Natural News) The bankrupt, 167-year-old Swiss usury branch of the private central bank known as Credit Suisse is awash in scandals, many of which are appallingly appalling and date back many years.

Although the company only recently made headlines for its likely imminent collapse, the company’s ongoing share sale actually began as early as March 2021 following the collapse of UK Greensill Capital and US mutual fund Archegos, both of which had exposure to Credit Suisse.

The collapse of Greensill Capital trimmed Credit Suisse’s books by $10 billion, while the collapse of Archegos slashed another $5.5 billion in losses. The manager of the latter company, in case you didn’t know, had previously pleaded guilty to wire fraud.

In the same year, Credit Suisse in the US entered a guilty plea to the so-called “tuna bond fraud”. The bankrupt bank was also criminally convicted in Switzerland last year for failing to stop a money laundering scheme involving a Bulgarian cocaine trafficking ring.

When asked for comment on all of these scandals by a media source, Zurich-headquartered Credit Suisse referred to recent statements by the company’s CEO, Ulrich Koerner, who said:

“My team and I are committed to moving fast to deliver a simpler and more customer-focused bank.”

(Related: If Credit Suisse implodes, which seems likely even with a temporary bailout, the domino effect around the world will be massive — far greater even than the contagion unleashed by the midsize Silicon Valley bank [SVB].)

Injecting more artificial liquidity into failing banks exacerbates inflation while also throwing the can of financial catastrophe on the way

The latest news about Credit Suisse says it will “borrow” up to $54 billion from the Swiss central bank to shore up liquidity. This might work for a while, but it’s just another way to detach from the inevitable.

Körner also claims that Credit Suisse is “a strong bank” with a “very strong” liquidity base. Fake President Joe Biden is saying the same things about SVB, Signature Bank and the rest of America’s failing banking apparatus, which is also on the brink.

Credit Suisse stock has fallen to an all-time low amid all the scuffle as investors stare at the writing on the wall. Those in power will continue to spew empty rhetoric about everything being fine, but investors and depositors are waking up to the scam.

On Tuesday, Credit Suisse said it had identified certain “material weaknesses” in its internal controls over financial reporting. Customer outflows have reportedly “stabilized” but “haven’t turned around yet,” the company said in tricky language.

Credit Suisse’s largest shareholder, Saudi National Bank, announced that it can no longer support the insolvent bank due to regulatory restrictions. This caused the Credit Suisse share price to collapse by up to 30 percent the following day.

Meanwhile, Swiss authorities are reassuring the public that Credit Suisse continues to meet “the capital and liquidity requirements for systemically important banks”.

To be clear, SVB, Signature Bank and the others that have already collapsed here in the States are not as systemically important banks as Credit Suisse, at least not all of them on their own. The problem is that all of these banks have the same level of risk in many cases. So if one of them falls, they all eventually do like dominoes.

How much longer do you think the current world economic order has before all these artificial supports are no longer sufficient to keep the house of cards from collapsing?

Modern finance is a criminal Ponzi scheme controlled by rampant crooks who steal from working people and suck the lifeblood of economies. To learn more, visit Bubble.news.

Sources for this article are:

DailyMail.co.uk

zoohousenews.com